All Forum Posts by: Franklin Lee
Franklin Lee has started 11 posts and replied 76 times.
Post: Can someone please explain sub3 financing to me?
- Virginia
- Posts 82
- Votes 1
sub3? oh, i'm all open ears here! let me know when you come back.
Post: 220k CASH to INVEST..Chicago or LA ?
- Virginia
- Posts 82
- Votes 1
Good Lord! If you have 220K cash to "invest", then just be a franchisee for goodness's sake. No need to buy houses with those anymore....
Post: Make your money going in?
- Virginia
- Posts 82
- Votes 1
Originally posted by Timothy Johnson:
Originally posted by Ryan Stirling:
Tim,
This is not investing. When I first started considering getting into REI, I thought about doing a condo deal with my uncle as a partner. The properties we were looking at would either net cashflow nothing or negative cashflow. As I learned more about REI, I learned that this isn't an investment. You need to be making money not losing it. For that situation, what happens if you have a major expense come up or you can't find a tenant, now you're paying a huge mortgage payment. This is not a good idea.
Thanks for the advice. So rule of thumb only look into properties that will cash flow immediately?
Not necessarily. You can still make money from these properties you are looking at regardless of cash flow. Remember, you have the power to leverage in this real estate business and that is a powerful tool for anyone to use. Cash flow is only a small percentage of your income from these properties. It is the principal that you are paying off with the aid of a tenant that is the essential aspect of your REI income.
You should stress too much emphasis on cash flow though. However, I wouldn't buy a huge loser as well. I have a low standard of buying houses. What do I mean? Well, I only look at houses that doesn't have to cash flow at all or breaking even in order to function in my REI portfolio.
Post: Buying a Bank Owned Property
- Virginia
- Posts 82
- Votes 1
My advice for you is to find bank owned properties right before they hit the MLS. The amount of time will be sufficient enough for you to catch it as it takes about 5 days for the bank owned property to be listed.
Usually, the bank owned properties must go through a court case before they are shipped off to someplace that the bank does not want to waste money on. A bank owned property would only hurt the bank's budget because it is a "depreciating house" to them. Every month, they are losing money because they must pay the utilities bill, property taxes, etc.
You can find more information under the REO topic in this forum.
Originally posted by Nick Johnson:
Originally posted by Franklin Lee:
Originally posted by Kinan Humphrey:
Please feel free to contact me..
Because a RE mentor is the worst idea Man could ever think of. Why not use that money for the initial downpayment of the house?
the idea is he wouldn't know if that house would be a good house to put money down on, and more specifically he said he's broke.
There is nothing more to real estate than what he would know. Real estate is the simplest investment opportunity in the world and you really shouldn't use a mentor to teach you these stuffs. It's not rocket science!
Post: Make your money going in?
- Virginia
- Posts 82
- Votes 1
A lot of people here are very into get rich quick kind of investing. They want the money upfront once they buy the house because they deserve it by spending a lot of time researching these 30%equity homes.
If you bought a house at retail value, you still will make money. You have the principal paydown that was once covered by your tenants. Extra cash flow is just more money for us to keep.
Originally posted by Kinan Humphrey:
Please feel free to contact me..
Because a RE mentor is the worst idea Man could ever think of. Why not use that money for the initial downpayment of the house?
I like how you think Jim. We've been on the same page for a while.
May I ask if this procedure is suitable enough for a long term buy and hold business plan?
Hmm...
aol.com
gmail.com
biggerpockets.com
redskins.com
fatwallet.com
realtor.com
facebook.com
and mainly just surfing the internet for investment informations
Post: Does the February Rise in Sales Mean a Bottom is Near?
- Virginia
- Posts 82
- Votes 1
QTF or quoted for truth.